EBA 2.8 taxonomy
People are looking at the recently published taxonomy; it’s very useful to learn about new reporting features and mechanics. A few issues were detected which will lead to a new version.
New formula error message syntax, issue with custom formula which needs fixing. It’s not always doing what it is expected to do. XII Formula Working Group has provided feedback to EBA. The full set is not compiling in some processors. This feedback is also shared with the working group.
DPM2.8 also contains a RES which is partially differently in terms of modeling.
It has an impact on the volume of some instances, with a performance hit on validation.

EIOPA – no news

SRB
A discussion follows on the reporting frameworks. It’s uncertain if the reporting frameworks overlap or not with the EBA RES framework. The only certainty we have is that the reporting instructions for entities are communicated by the NRAs themselves.

Note from XII: OIM is targeting a PR for the core specs and the JSON specs for the end of May (Warsaw), while the CSV version is still in PWD status.
It’s the objective to enable instances in another syntax than XML.

ECB – no update

ESMA – no update

Eurofiling taxonomies: Paul will help with the setting up of this and the link to XII (thanks!).

Next event: Eurofiling XBRL Week in Warsaw, cfr. http://eurofiling.info/2018/
Since this event is on the last Wednesday of the month, there will be no Group call in May.

0- caveat: the “2.6.0.1 patch” must also be applied on the 2.7.0.1 taxonomy !

1- we need an official viewpoint from EBA about table C.66.01 : in what currency do the reporters express the amount in case of multi-currency ? The taxonomy and filing rules seem to suggest for table C.66.01 (in contradiction to other tables in the same report) that you report converted amounts into the reporting currency, while the taxonomy facilitates both scenarios. For a business user it’s almost invisible to see that you declare in XBRL a figure as being reported in the reporting currency.

2- in taxonomy 2.7, an enumeration on ALMM table C.67 is incomplete, it has 6 members and should have 8 according to the documentation. This *may* lead to a hotfix 2.7.0.2, it’s in discussion in EBA’s Yammer. More information in two weeks, once 2.8 goes out for BoS approval; until then, EBA has no time for this issue.

3- it is mentioned that several datapoints are identical in its aspects where they not always can be identical. This is being debated since some years now.

EIOPA update

Not much news for the moment. The group wonders if and how EIOPA will address multilingualism in its future taxonomy. Adding 20 languages will cause the taxonomy size to blow beyond proportion. The group suggests to look into the Taxonomy Package to achieve it.

SRB update

EBA has been drafting a taxonomy on resolution; will it replace the SRB taxonomy? No clarity at this moment, let’s wait for more news.

ECB update

A new version of the FINREP Data points taxonomy is published, following Finrep 2.7 IFRS9. Some countries do not use it, they impose the standard FINREP taxonomies or small institutions are not subjected to IFRS9 so they still use Finrep Datapoint 1.0 (based on Finrep 2.6).

EIOPA has delivered a hot-fix taxonomy on 24 November (see mail [Eurofiling 1275]). If no error is detected before 7 December, this version will be stored in the “canonical location” and used for production.

The assertion BV137 which caused problems (issue 126) has been rewritten to avoid using absolute values (the Eurofiling abs-sequence function is no longer used).

One participant mentioned that the change of the type of NB typed dimension domain, from integer to string causes problem. The dictionary should stay stable.

A draft version of the Pension Funds taxonomy has been published. The first reference date should be end 2018 but the first year may be considered as a preparatory period.

EBA update

2.6 “doubtful” assertions still not 100% addressed on EBA’s blacklist.

A hotfix 2.7.0.1 has been published by EBA.

ECB update

ECB is reviewing its DP taxonomy as an extension on the 2.7 taxonomy.

ESMA update

The ESMA taxonomy has not yet be published.

SRB Update

One participant stated that the date used in the context is the deadline date for the reporting, not the reference date (end of the period described). This is different from other reportings and should be confirmed.

EIOPA will deliver a hotfix taxonomy which addresses ao. schema locations issues (yellow flagged in the known issues list, number 123).
There may be changes to assertions, like the issues with the ISIN and custom functions flagged as ‘to be investigated’.
EIOPA aims only address and fix taxonomy issues if the taxonomy remains instance compatible.
In this occasion and for future releases, EIOPA will check with XBRL.ORG about the usage of specifications in case of doubt.

The hotfix is expected between mid and end of November.

Progress on the Pension Funds: this will include the ECB part and the full version will be expected next year.
It’s a separate published taxonomy but following the same architecture and a common dictionary.

News from Eurofiling Taxonomy Team:

abs-sequence function was created to enable the absolute value of a sequence. The group is invited to look into the mechanics in the interval-arithmetics linkbase.

The group discusses the problems that may be caused by outdated eurofiling schemas and linkbases, shipped together with ESA taxonomy releases.

Eurofiling Taxonomy Team discourages this practise and has made a page available where all Eurofiling taxonomy files are downloadable from their canonical location.

Eurofiling TT will update all of its files with a version number.

EBA update

2.6 “doubtful” assertions still not 100% addressed on EBA’s blacklist.

2.7 posed issues with ao. assertions and some other functionalities. EBA addresses this in a hotfix release (version 2.7.0.1) which is circulating shortly.

2.8 discussion on the consideration of EBA to abandon explicit members for lists outside of its control (countries, currencies), and replace by typed members. The group discourages this approach and proposes to move these lists into the Eurofiling domain, where they can be maintained with a different release calender (ie: instantly).

Eurofiling Taxonomy Team will take appropriate action to discuss this possibility with the involved authorities.

ECB update

ECB is reviewing its DP taxonomy as an extension on the 2.7 taxonomy.

ESMA update

ESMA has conducted an informal working group which is investigating the results of the Field test in which a lot of countries/companies participated. The general feedback was very positive. Some doubts on the anchoring mechanism.
Final regulation (draft RTS) is expected to be ready at the end of the year, submitted to the EC by then. With the 3 + 3 months consultation from EP and EC it will be published at the end of Q2 2018.
Initiatives are popping up from the business side to prepare towards ESAF in various countries.
It’s not clear at this point at what time the ESMA taxonomy will be available, what/how it will link to external resources and how extensions are to be made.

SRB update

SRB is finalising its LDT taxonomy version 2.0.1 for filings in spring 2018.
includes warnings and the ignore-val mechanism

2.6 doubtful update on validation rules
- a number of assertions are not working as expected. Some countries (LU, FR, NL, PT, DE,..?) decided to deactivate on their own initiative these assertions
- EBA has blacklisted a few of them in the last weeks
- the group has circulated last month for info the lists it has from various countries

2.7 are equally doubtful, being more and more tested now.
- Eg. v4776 is still problematic in 2.7
- blacklist update is likely to be expected from EBA

The NRA’s need to escalate the problematic assertions with the IT departement of EBA.
Expert Group on Data Quality meets next week, NRAs will make the necessary communication to the Group.
eg. v4776_m is listed as doubtful in 2.6 and has the same problem in 2.7

EBA has announced to collaborate with SRB on a new “resolution taxonomy”

SRB has made a Filing Rules update, referring to the EBA filing rules with a few remarks specific for Resolution filing.

Eurofiling will include a comment in its taxonomy files with “last updated on ..”

EIOPA update

a meeting took place last week, the issues were discussed (v137, ISIN checks, schema locations, eurofiling model.xsd schema, ..) and EIOPA is considering measures to remediate.

ESMA has published a consultation about its filing manual and the ESEF format.

SRB has published the EAC taxonomy version 3.0.1 for filings in January 2018.
The LDT taxonomy will probably follow in the course of November for expected filing in May 2018.

ECB update
ECB has published the 2.7 datapoints taxonomy.

ECB organised a BIRD meeting on September 25. The BIRD project continues with a non-formal commitment agenda to develop ao. the FINREP data sets. First quarter for next year is one of updating BIRD materials.

Feedback from the XBRL FR conference: was a success and presentations are online with XBRL FR site.

2.6 doubtful update on validation rules
- a number of assertions are not working as expected. Some countries (LU, FR, DE, PT, ..?) decided to deactivate or flag as doubtful on their own initiative these assertions. Feedback is awaited from the side of the EBA.
- the group will circulate for info the lists it has from various countries (FR, LU, NL, PT)

DNB plans to make formula linkbases for +/- 600 additional plausibility rules which can be added to the validation process by those who want to use them. These rules are inspired by the data quality group from ECB/EBA.

Probably this will be implemented in the course of 2018. DNB will use them in the feedback to the filers. Single instance validation, probably all of them are going to be warnings. Third parties will be happily invited to also test these rules.

Discussion on trailing and leading spaces: is this coverered or not by the XBRL or XML specifications? EBA is looking anyway at including this as should rule in the next version of its Filing Rules.

EIOPA update

2.2.0 is being tested and some schema locations seem to be missing. Flagged in Bugzilla.
Issues with LEI regular expressions, there seems to be a schema location error in the LEI taxonomy. Rule 137 may not be working as expected. The ISIN checks look partially broken. The eurofiling model.xsd schema included in the EIOPA taxonomy is not the last version. A hotfix taxonomy may be following?

ESMA update

ESMA has published a consultation about its filing manual and the ESEF format.

SRB is in the course of finalising the EAC taxonomy version 3.0.0 for filings in January 2018.
The LDT taxonomy will probably follow after that for expected filing in May 2018. For a few banks with large instances, some assertions will likely need to be addressed in an alternative way because of a performance hit.

ECB update

Some countries will not use the Datapoints taxonomy but use the full instead, this is a possibility given by regulation.
ECB organises a BIRD meeting in September 25 for the future (include Finrep in Bird).

EIOPA update
The PWD of the 2.2.0 taxonomy has resulted in a number of findings. Below some.
All assertions are doubled in two severance levels, this lowers performance.
Custom functions are not working properly (eg. ISIN checksum)
Table 99 is having issues, eg. with decimal item types coded with pi in stead of ii.
TV1000-1001 check every single monetary fact versus the unit and the reporting currency.
This hits the performance enormously as soon as the instance is growing.
TV5 and TV9 are similar which checks on the typed members.
EIOPA should think about improving this.
On the other hand, some old assertion problems have improved between 2.1 and 2.2.

Function on ISIN code has to be revised: it should first check the format and then the checksum and not the other way around.
Moreover, such massive check should not be triggered via assertions, but via a schema check (eg. pattern check).
It’s best to include this in the XII library. The group recommends a dialogue between EIOPA and XII.
Known issue n° 90 : sometimes there exists no collateral for some financial instruments, in which case the field is empty where it should not be empty. This is to be solved by each NCA (e.g. by asking to put ‘none’ or ‘NA’ in such a case)

EBA update
version 2.7 was released including IFRS9. Companies with a booking year <> actual year (eg. closing on 30.09) will have to continue to use the 2.6 version for some time more.
2.5 en 2.6 have some assertions with no preconditions, so they are always triggered. For some filers, they should not be triggered (eg. Portugal)

ECB update
datapoints taxonomy includes all FINREP taxonomy tables

SRB
is elaborating the next version of the EAC taxonomy, no official news yet

AOB
Eurofiling XBRL Week was a big success, thanks to all for participating and for supporting the Eurofiling Foundation.

Next meeting
Last Wednesday of July, one main topic: 2.2 official release of EIOPA

Topic about some taxonomies not actually stored on their intended URI
Suggestion: if so (and in other cases) please register online with XBRL International.
Note: Eurofiling taxonomies are stored in the Eurofiling domain.

Discussion about multilingualismof taxonomies. It’s a complex and time consuming process.
Eg. SRB has produced an 11-lingual taxonomy. EIOPA is making plans to introduce multilingualism

It would be nice if Filing rules were harmonised EU-wide.

Online Q&A resources are very useful but may be less handy if you want to query them.

Discussion about having a test system. The group thinks it would be good if the vendor members of XBRL Europe stepped in and took each a part of testing public working drafts of taxonomies before they are official.

Validation messages are in some cases reliant on the XBRL specification (eg. dimensionally invalid in base etc..) which stems in fact from the XBRL standard. A human-friendly-error-message modus could be nice.